Great Wall News on November 1st: MSCONCEPT (08447.HK) announced that after the preliminary review of the unaudited comprehensive management accounts for the six-month period ending on September 30, 2024 ("Current Period"), and the evaluation of the information currently available, the group expects to record an unaudited comprehensive loss of no more than 14 million Hong Kong dollars for the period, compared to an unaudited comprehensive loss of 1.3 million Hong Kong dollars in the same period last year. The directors are deeply aware, fully informed, and convinced that the annual unaudited comprehensive loss is mainly due to a decrease in the number of visitors to the company's restaurants during the Current Period, compared to the six months ending on September 30, 2023.
During the Current Period, the dining industry in Hong Kong was affected by economic slowdown and changes in citizens' dining habits. Hong Kong residents increasingly engage in cross-border consumption as a leisure activity, leading to a decrease in weekend foot traffic in Hong Kong malls and street markets, thus affecting the number of visitors to the company's restaurants.
